The Best Practice Network

• Compliance
  • Compliance Regulations
    • Security Compliance
    • Federal Rules of Civil Procedures
    • Sox Compliance
    • Legal Compliance
    • Basel II Compliance
    • Pillars of Basel II
    • Basel II Challenges and Solution Frame Work
    • Operational Risk Management: Basel II Compliance
    • The Importance of Compliance with CAPA system
    • Best Practices for Increasing Information Security Compliance
    • Asset Management
    • Four Best Practices for Improving ER Results
  • Compliance Management
    • Compliance Officer
    • Basel II Governance and Risk Manager
    • Laying the Foundation
    • Enterprise Quality and Compliance
    • Compliance Management In 2011
    • Dealing with Corporate Governance Issues in Asia
    • SaaS Compliance Management
    • Compliance Management System: An Overview
    • Compliance with Payment Card Industry (PCI)
    • Managing Security with Compliance Management
    • How to Successfully Manage Suppliers and Ensure Safety and Compliance
    • Security Compliance Management
    • Commercial Business Realities and Government Compliance Requirements
    • Need for Government Regulation in Business
    • Four Best Practices for CIOs Ensuring Cloud Compliance
    • Looking at Five Compliances In 2012
    • Security Management
  • Financial Compliance
    • Bank Compliance
    • Advantages
    • Foreign Account Tax Compliance – FATCA
    • Sarbanes Oxley 404 Compliance Standards
    • Regulation CC
    • Financial Compliance Software
    • Implementation of Value Added Tax (VAT)
    • How to Balance a Budget
    • 2011 Best State Budgets
    • 2011 Worst State Budgets
  • Corporate Compliance
    • Corporate Governance
    • Corporate Governance Guidelines
    • Board Member Duties
    • Email Archiving
    • Directors Compliance
    • IT Compliance
    • Board Members Remuneration
    • Procurement Compliance
    • Requirements for Corporate Compliance
    • Establishing an Effective Corporate Compliance Program
    • Federal Government Requirements for Marketing
    • The Vital Impact of Employment Law
    • Acquisitions and Mergers – Changing Without Damage
    • Best Practices in Procurement Compliance
    • Laws and Regulations for Human Resources
    • Top 10 Best Practices For HR
    • Internationalization Best Practices: Simship
    • Recovery Planning to Stay in Business
    • Compliance Reporting
  • Healthcare Compliance
    • Health Care Compliance Association
    • HHS OIG Compliance Program
    • Fraud Risk
    • Fraud Investigation
    • Hazards Associated with Technology
    • Purpose of Guidance for Healthcare Compliance
    • Coding Component Is an Important Feature of Compliance Plan
    • The Healthcare Laws Coming Up Soon
    • Mitigating Risk of Employees’ Illness
    • Benefits of Healthcare Programs in the Workplace
  • Government Compliance
    • Best Practices in Budget Management for Governments
    • State Regulation on Budget Deficit
    • Golden Rules: Making Balanced Budgets a Constitutional Obligation
    • Government Information Compliance
    • The Positive Consequences of Best Practices in Budget Balancing
    • What Happens When Best Practices in Budget Balancing Are Not Respected
    • 2010 Best Country budgets
    • 2010 Worst Country Budget
• Risk Management
  • Risk Management Standards
    • ISO 31000:2009 Risk Management – Principles and Guidelines
    • ISO/IEC 27000
    • COSO ERM 2004
    • The OSHA Inspection
    • ISO 31000 Risk Management
    • Risk Management Standards For Best Practices
  • Project Risk Management
    • Important Tips
    • Risks vs. Issues
    • Project Management: Risk Vs Issue
    • Risk versus Issue Management
    • Risk Vs Issue
  • Fundamentals of Risk Management
    • Steps Required for Risk Management
    • Financial Risks Faced by Banks
    • Summary
    • Risk Management Techniques
    • Operational Risk Management
    • Best Practices for Risk Management
    • Risk Management Action Plan
    • 5 Steps to Risk Management
    • Types of Risk Management in Today’s Industrial Sphere
    • Risk Decision
  • Financial Risk Management
    • The Basics
    • GARP FRM Certificate
    • SOX 404 TDRA
    • ORM for Banks and Financial Institutions
    • Policies for Financial Risk Management
    • Credit Risk Management Overview
    • Credit Rating and Risk Management
    • The Important Role of Financial Risk Management
    • Best Practice In Public Debt Management
    • Sovereign Debt Risk Management
    • Calculating Gear Ratio or Debt/ Capital Ratio
    • Types
      • Business Risks
      • Audit Risks
      • Financial Investment
  • Risk Assessment
    • The Basics of Risk Assessment
    • COSO IC – Integrated Framework
    • Risk Management Strategies for Financial Institutions Using Social Media
    • Security Audit Assessment
    • Calculating Risk Assessment Values
    • Evaluating Risk in Your Business
    • Goals and Techniques of Risk Management
    • BS 25999
  • Risk Control
    • Performance Improvement
    • Overview
    • Perspectives on Risk Control Models for Best Practices
    • Risk Control For Best Practices
    • Best Practice In Credit Risk Control
    • The Historic Role of Credit Risk
• Regulation
  • Bank Regulations
    • Basel III Certification
    • Basics
      • Principles
      • Requirements
      • Tips
      • Objectives
    • Mobile Banking Security Regulations
    • Bank Account Entry with Best Practices
    • Basel II
    • Basel III
    • The Banking Conduct Regime
  • Financial Regulations
    • General Objectives
    • Fundraising
    • Business Regulations
    • Detecting Vulnerabilities in Regulations with Best Practices
    • The Latest on Developments in Best Practice Regulations
    • Preparing a Regulation Impact Statement (RIS) for Best Practices
    • Financial Reforms of 2011
    • Regulations Update for Best Practices in 2012
    • AIFMD
    • Solvency II
    • Sarbanes-Oxley Act
  • Health and Safety Regulations
    • Health and Safety at Work etc. Act 1974
    • Occupational Safety and Health Act
    • Responsibilities of Employers
    • 10 best practices in Value Analysis for Healthcare
    • Health and Safety Commission (HSC) Regulations
    • ADA (Americans with Disabilities Act) for Best Practices
    • Challenges of Medical Device Regulations and 21 CFR Part II
    • 4 Best Practices for Healthcare Marketers Using YouTube
    • New Healthcare Regulations: 2012
• Reporting
  • The Accounting Process
    • The Accounting Cycle
    • 10 Important Accounting Terms
    • Managing Cash Flow
    • Top Trends for Small Accounting Firms
    • The Payback Accounting Formula
    • Ten Crucial Accounting Principles
    • Audit
      • An Introduction to Internal Auditing
  • Valuation Best Practices
    • What is the fair price of a private company?
    • Best Practices for Customer Relationship Management
    • Crowd Sourcing Is a Best Practice
    • Five Key Best Practices to Improve Your Customers’ Experience
  • Performance Monitoring
    • Performance calculations – Three levels of IRR
    • Cost Control
    • A Guide with Best Practices for Indirect Costing
    • Highly Effective Balance Sheet Reconciliation
    • A Guide for Indirect Costing
  • Audit Committee Best Practices
    • Audit Committees Fiduciary Duties
    • Audit Committee Exposure to Liability
    • Audit Committee Members Qualifications
    • Principal Functions of the Audit Committee
    • Quarterly Review and Discussion of Financial Statements and Disclosures
    • External Audit Monitoring Best Practice
    • Quarterly Review of Accounting Policy
    • Risk of Fraudulent Reporting
    • Conduct and Timing of Meetings
    • Monitor the Company's Internal Audit Function
    • Quarterly Review of the Adequacy of Internal Controls
    • Assess the Audit Committee's Role
    • Policies Regarding Notifications to Audit Committee
    • Best Practices – Monitoring Accounting
    • Audit Committee Charter and Proxy Statement Disclosures
    • Advantages of Lean
  • Types of Accounting
    • Cost Accounting
    • Forensic Accounting
    • The U.S. Department of Labor’s Four Types of Accounting
  • Best Practices in Accounting
    • Generally Accepted Accounting Principles – GAAP
    • International Financial Reporting Standards – IFRS
    • Best Practices in Target Costing
    • Financial Reporting for Best Practices in Accounting
    • Accounting Hosting: A New Accounting Trend
    • Importance of Financial Statements for Best Practice
    • Best Practices for Accounts Payable
    • Best Practice in Credit Rating
    • An Important Accounting Term: “Accounting Cycle”
    • Best Practices in Revenue Recognition
    • Analysis of Net Present Value
    • Best Practices for Small Businesses with Online Accounting
    • Three Crucial Accounting Terms
    • Accounting Regulation in Emerging Capital Markets
    • Starting an Accounts Department with Best Practices
• Best Practice Software
  • Compliance Software
    • Regulatory Compliance Software
    • Tax Compliance Software
    • Email Archiving
    • Regulations and Licensing
    • List of Best Compliance Software Applications
    • Financial Compliance Software
    • Software Compliance: Computing and Auditing
    • Policy Management Software Is Your Need
    • Quality Compliance Software for Business Challenges
    • SIIA Software Metering
    • Best Practices for Software Testing
    • Return of CRM Software
  • Regulation Software
    • Medical Pedigree Software
    • Data Entry
    • Protecting Private and Sensitive Data with Software Regulations
  • Accounting Software
    • For NPOs
    • Key Features
    • For Businesses
    • Categories
    • Right Accounting Software Applications
    • Best Practices
  • Risk Management Software
    • Benefits
    • For Banks
    • How-to-Choose Guide

The Best Practice Network – definition of a best practice

Best Practice … What is a best practice ?

There is no universal definition of a best practice, but there are common characteristics which make a practice the best.

Best practices are often exemplary behaviors modeled into processes. Conceptually, best practices are ethical, legal, fair, replicable, and applicable to anyone within an organization; therefore, they are “Good Practices“.

However, they are not only “Good Practices”. They are “Best Practices” because their implementation aims at improving  an organization’s performance  through additional accountability, compliance, transparency and risk control.

When defined, a best practice is known as a technique, method, process, activity or incentive which has proven to be most effective in providing a certain outcome.

In order to survive the volatile market conditions and the tough competition dominating it, organizations from all industries have started adopting the best practices of their respective fields.

Basically, any best practice is  implemented in order to improve the quality of the services an organization offers. A best practice can focus on different aspects of the production or the development process. Once implemented, it will improve organizations’ customer satisfaction rates, therefore adding to companies’ popularity and public appeal.

With the help of this website, you will be introduced to different best practices that can be used by today’s industries. For your convenience, these have been categorized into five branches:

• Compliance: Compliance is a state in which an organization is either following a set of established guidelines or laws, or is in the process of becoming so. Many customers highly regard companies which comply with certain regulations.

• Risk Management: Risks come by default in the industrial world. Risk Management, which is a method that combines the processes of identifying, assessing, and prioritizing risks, is an important tool that aims at reducing the occurrence of risks, or at least minimizing their impact.

• Regulation: Regulations are rules or restrictions that limit certain behaviors. There are many regulations, but their purpose is the same: boosting the efficiency of a process.

• Reporting: To many, reporting is like accounting, all about crunching numbers. However, reporting is a quantitative system that helps in generating information about the finances of a company. Reporting is a best practice because it is necessary for all companies, and a critical component of performance. It is also a collection of other best practices that ensure the survival of organizations these days.

• Best practice Software: Automating procedures of accounting, regulation, compliance, and risk management is the job of software. With different programs handling these aspects, people will spend more time and money on ensuring them; thus, they won’t be able to achieve their original goals.

Throughout this website, we have covered the best practices in each of these categories. So, make sure to go through these to ensue that your business or organization gets only the best of its industry.